In recent years, there has been an increasing focus by policymakers on rural infrastructure in the United States, including most recently tax credits to encourage investment. Previous work has documented the importance of railroad expansion for nineteenth century development, and demonstrated...

Etwa 52 Millionen Menschen verließen im 19. Jahrhundert Europa, 32 Million davon in Richtung USA. Dabei stellten Deutsche zwischen 1850 und 1890 die zahlenmäßig größte Gruppe unter ihnen. Viele dieser Personen waren qualifizierte Fachkräfte, die mithalfen, die noch junge und wachsende...

In recent years, there has been an increasing focus by policymakers on rural infrastructure in the United States, including most recently tax credits to encourage investment. Previous work has documented the importance of railroad expansion for nineteenth century development, and demonstrated...

This paper presents insights on U.S. business cycle volatility since 1867 de- rived from diffusion indices. We employ a Bayesian dynamic factor model to obtain aggregate and sectoral economic activity indices. We find a remarkable increase in volatility across World War I, which is reversed...